Walker & Dunlop has completed $50.8 million in financing and $30.9 million in LP equity for the development of three affordable multifamily buildings in the Bronx, NY. 2710 Creston Avenue, 2250 Aqueduct Avenue and 1751 Monroe Avenue will be Passive House Certified, a voluntary ESG certification providing energy efficiencies and operational savings. Each project is part of the now-expired 421(a) program and utilizes the Section 8 program to provide a total of 179 units of affordable housing to the borough.
Walker & Dunlop's NY Capital Markets team comprised of Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno arranged the equity and financing on behalf of Spaxel LLC and Atalaya Capital Management. The equity investment was provided by CBRE Investment Management and the financing by CIT.
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